jnm21
Posts: 441 
Likes: 167
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Spv 81
Nov 9, 2017 21:40:13 GMT
Post by jnm21 on Nov 9, 2017 21:40:13 GMT
Has anyone heard anything today? I think carolus summed it up perfectly - great idea, terrible execution. |
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Spv 81
Nov 9, 2017 22:07:20 GMT
via mobile
Post by propertycalf on Nov 9, 2017 22:07:20 GMT
Haven't heard anything new today, but I was informed earlier in the week the intention of PM to issue a deed of variation to the contract via solicitors to 'protect members positions'.
I do have some degree of sympathy for property moose if it is out of their control. Still can't work out how they haven't got the funds if dividends are paid in arrears?
I'm thinking maybe payment tomorrow, not holding my breath though
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jnm21
Posts: 441
Likes: 167
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Spv 81
Nov 10, 2017 0:01:33 GMT
via mobile
Post by jnm21 on Nov 10, 2017 0:01:33 GMT
Exactly my point that they pay in arrears, so how far overdue is the money? On that note, I only recently bought a few more shares - clearly I would not have done so had this issue been declared & they have lost value after this fiasco. One could even wonder if the person who sold them was aware of what was happening? propertymoose need to realise that their near silence leaves a void that will always be filled with conjecture and fear of the worst! |
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jnm21
Posts: 441
Likes: 167
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Spv 81
Nov 10, 2017 9:48:31 GMT
via mobile
Post by jnm21 on Nov 10, 2017 9:48:31 GMT
Update on site - still no money, no payout this week!
They sound frustrated - I am bemused.
Still the when due question & also now a question of what happened with the proof of payment - was that real?
If I was asked, I'd vote to get lawyers involved.
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Spv 81
Nov 10, 2017 10:30:53 GMT
via mobile
jnm21 likes this
Post by propertycalf on Nov 10, 2017 10:30:53 GMT
The underwriting company was in our local media recently posting record profits..
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carolus
Member of DD Central
Posts: 204
Likes: 191
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Spv 81
Nov 10, 2017 10:44:27 GMT
Post by carolus on Nov 10, 2017 10:44:27 GMT
Update on site - still no money, no payout this week! They sound frustrated - I am bemused. Still the when due question & also now a question of what happened with the proof of payment - was that real? If I was asked, I'd vote to get lawyers involved. I've just had an email update further to my lc a couple of days ago. They apologised for telling me they had the funds (they don't), and I notice that the email described "confirmation that the payment was being made", which strikes me as not quite the same as "confirmation of payment".
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jnm21
Posts: 441
Likes: 167
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Spv 81
Nov 10, 2017 11:21:51 GMT
Post by jnm21 on Nov 10, 2017 11:21:51 GMT
The underwriting company was in our local media recently posting record profits.. I am glad to hear that! I mean it rules out the obvious worry that they do not have the money to pay!
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jnm21
Posts: 441
Likes: 167
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Spv 81
Nov 10, 2017 11:54:48 GMT
Post by jnm21 on Nov 10, 2017 11:54:48 GMT
I've just had an email update further to my lc a couple of days ago. They apologised for telling me they had the funds (they don't), and I notice that the email described "confirmation that the payment was being made", which strikes me as not quite the same as "confirmation of payment". I wasn't doubting you (not sure if i came across that I was). My reference was to the PM updates, e.g. "proof of payment" - either they were flippant with the term or the mind boggles!
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carolus
Member of DD Central
Posts: 204
Likes: 191
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Spv 81
Nov 10, 2017 12:05:00 GMT
Post by carolus on Nov 10, 2017 12:05:00 GMT
I've just had an email update further to my lc a couple of days ago. They apologised for telling me they had the funds (they don't), and I notice that the email described "confirmation that the payment was being made", which strikes me as not quite the same as "confirmation of payment". I wasn't doubting you (not sure if i came across that I was). My reference was to the PM updates, e.g. "proof of payment" - either they were flippant with the term or the mind boggles! Oh, no don't worry, that's not how I took your post! I was agreeing with you, as I think the phrasing I quoted suggests they were previously being rather loose with their phrasing wrt "proof of payment"!
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Spv 81
Nov 10, 2017 12:43:08 GMT
via mobile
Post by propertycalf on Nov 10, 2017 12:43:08 GMT
So they were saying they recieved confirmation of the payment and were waiting for it to clear? Presumably 3-5 days..
And now that was not the case..
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jnm21
Posts: 441
Likes: 167
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Spv 81
Nov 10, 2017 15:04:33 GMT
Post by jnm21 on Nov 10, 2017 15:04:33 GMT
They said they had "proof of payment" - turned out that that was not the case - only options I can see are either they were flippant with how they described it or that proof was in some way fake - can anyone add another suggestion that doesn't put one or other party in a bad light? I genuinely would like another option.
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carolus
Member of DD Central
Posts: 204
Likes: 191
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Spv 81
Nov 10, 2017 15:43:58 GMT
Post by carolus on Nov 10, 2017 15:43:58 GMT
They said they had "proof of payment" - turned out that that was not the case - only options I can see are either they were flippant with how they described it or that proof was in some way fake - can anyone add another suggestion that doesn't put one or other party in a bad light? I genuinely would like another option. I don't really see how - they are now pretty clearly saying they haven't received the money, and I think, that the management company hasn't sent it. Equally, they clearly previously described it as a "proof of payment" which, by any reasonable metric, should clearly demonstrate that the funds have been sent, not just that they will be. The change in wording of what exactly it was proof of is IMO evidence that supports this. I'm willing to believe that this wasn't done deliberately by PM (and I think they are genuinely concerned about the situation), but I think it's symptomatic of a lack of professionalism and care in how they run things, and especially how they communicate (or don't) with investors. There seem to be a worrying number of cases where mistakes are made and only picked up on or made public because investors point them out. EDIT to add: I was initially going to suggest that they might have received proof the payment was going into the management company's payment run but that run hasn't yet happened, but on reflection I think that's still a misleading communication from PM if that's the case.
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jnm21
Posts: 441
Likes: 167
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Spv 81
Nov 11, 2017 9:41:19 GMT
Post by jnm21 on Nov 11, 2017 9:41:19 GMT
Anyone else shocked that they are still funding SPV83? I went to have a look & it is a much shorter 'guaranteed' rent (until Sept 19, regardless of when funded).
Also they have reduced it from 3 units to 2 - to make it fund quicker - if I had money in it, I would be watching SPV81 closely & checking my options to withdraw.
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Spv 81
Nov 11, 2017 11:31:25 GMT
via mobile
Post by propertycalf on Nov 11, 2017 11:31:25 GMT
I'm not sure if they went ahead and bought the full block of apartments anyway, with the intention of funding them afterwards.. They have specified that they intend the remaining apartment in a third SPV.
I would have been interested in all of these investments, but the execution has been poor. Who expects the 'gaurenteed' returns investment to be the one their most concerned about?
SPV81 is my largest holding on the info we were fed.
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Spv 81
Nov 11, 2017 11:33:35 GMT
via mobile
Post by propertycalf on Nov 11, 2017 11:33:35 GMT
Anyone else shocked that they are still funding SPV83? I went to have a look & it is a much shorter 'guaranteed' rent (until Sept 19, regardless of when funded). Also they have reduced it from 3 units to 2 - to make it fund quicker - if I had money in it, I would be watching SPV81 closely & checking my options to withdraw. If they have stumped the money up themselves upfront, they obviously want it back.
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